Wells Fargo Asset Management (WFAM), which is set to be acquired by private equity firms GTCR and Reverence Capital Partners L.P. later this year, will be renamed Allspring Global Investments and led by industry veteran Joseph A. Sullivan upon closing, according to an announcement today from the companies.

Sullivan, who was appointed executive chairman at the time of the acquisition, will serve as CEO and will continue in his role, the companies said. He succeeds Nico Marais, who will retire upon closing of the transaction and continue to serve Allspring as a senior advisor, the announcement said.

Sullivan, who has more than 40 years of industry experience, was chairman and CEO of Legg Mason Inc. from 2012 until its acquisition by Franklin Templeton in 2020. He joined Legg Mason in September 2008. Prior to that, he served on the board of directors of Stifel Financial and as executive vice president and head of fixed-income capital markets for Stifel Nicolaus from December 2005.

“I am honored and energized to have the opportunity to lead Allspring as we enter a new era for the firm,” Sullivan said in a statement. “In spending time with Nico and the organization over the past few months, I have been incredibly impressed by the depth of investment expertise and quality of our people and leadership. Our new name truly embodies a renewed corporate culture and commitment to continue to invest thoughtfully and partner with our clients to navigate the future.”

In February, WFAM announced that GTCR and Reverence Capital had agreed to buy the unit for $2.1 billion. The transaction included Wells Fargo Bank N.A.’s business of acting as trustee to its collective investment trusts and all related Wells Fargo Asset Management legal entities. The release also had noted that WFAM would retain a 9.9% equity interest and will continue to serve as a client and distribution partner.

“The announcements mark key milestones in the transformation of WFAM into a focused, independent, global asset management firm serving private wealth and institutional clients around the world," Collin Roche, managing director of GTCR, said in a prepared statement. 

“This is a tremendously exciting time for the company, and as we make this transition, it is the right time for me personally and professionally to step down from active leadership and assume a new advisory role,” Marais said in a prepared statement.